Total Increases Stake in Novatek to 16%

MOSCOW - France's Total SA has increased its stake in OAO Novatek, Russia's No. 2 gas producer, to 16 percent, the Russian firm said in a statement Wednesday.

Total took a 12 percent stake in Novatek in 2011, saying it would increase its share up to 19.4 percent in three years. Novatek's main shareholders are its chief executive, Leonid Mikhelson, and oil trader Gennady Timchenko.

Total also holds a 20 percent stake in Novatek's Arctic liquefied natural gas project, Yamal LNG. Novatek on Friday signed a deal to sell a 20 percent share in that project to China National Petroleum Corp.

Copyright (c) 2012 Dow Jones & Company, Inc.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours